The largest deposit of rare earths known in Europe to date has been discovered in northern Sweden. The Swedish state-owned company LKAB announced the sensational find. Their boss said this was “good news” not only for the region and Sweden, but also for Europe and the climate. Because the valuable metals are needed for the production of electric cars and wind turbines.
The “Per Geijer” depot has a volume of over one million tons, LKAB reports. It could be an important building block for the production of important raw materials that are “absolutely crucial for the implementation of the green transformation”, explains company manager Jan Moström. “Without mining, there are no electric cars.” According to the company, the deposit could cover a large part of the demand for rare earths in Europe.
Years until dismantling
Mostrom said it could take “several years” to examine the deposit and the conditions to mine it “profitably and sustainably”. That also depends on the permits, he said at a press conference in the mining town of Kiruna. Experience shows that it takes “10 to 15 years” before the market can actually be supplied. However, LKAB is aiming to apply for a mining permit this year.
The company has already begun preparations to drive a drift several kilometers long and about 700 meters deep into the Kiruna mine to study the deposit “in detail”. It is still unclear how big it actually is.
“Self-reliance begins in the mine”
Swedish Energy Minister Ebba Busch was also present at the presentation. She said the need for rare earths is great – after all, the European Union is striving for a fossil-free economy. The EU wants to ban new cars with combustion engines by 2035. “Electrification, EU self-sufficiency and independence from Russia and China begins in the mine,” Busch confirmed Thursday.
Rare earths include a whole range of elements that are necessary for the production of smartphones and electric cars, for example for batteries, catalytic converters and magnets, but also for lighting. Currently, the largest supply of these metals can be found in China.
China currently dominates the market
China “completely dominates” the market, adding to the “vulnerability” of European industry, which is currently dependent on imports, according to LKAB. According to the company, demand for the metals will increase fivefold by 2030, according to EU estimates. According to LKAB, it produces 80 percent of the iron ore needed in Europe. It invests a lot of money in sustainable mining.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
